Royal Bank of Canada Issues Pessimistic Forecast for Cloudflare (NYSE:NET) Stock Price

Cloudflare (NYSE:NET) had its price target reduced by equities researchers at Royal Bank of Canada from $170.00 to $148.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Royal Bank of Canada’s target price would indicate a potential upside of 27.77% from the company’s current price.

Other analysts have also issued reports about the company. Cantor Fitzgerald lifted their price objective on Cloudflare from $111.00 to $149.00 and gave the stock a “neutral” rating in a research report on Friday, February 7th. Stifel Nicolaus lifted their price objective on Cloudflare from $136.00 to $175.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. DZ Bank lowered Cloudflare from a “hold” rating to a “sell” rating and set a $145.00 price objective for the company. in a research report on Tuesday, February 11th. Truist Financial lifted their price objective on Cloudflare from $120.00 to $140.00 and gave the stock a “buy” rating in a research report on Tuesday, January 28th. Finally, Oppenheimer lowered Cloudflare from an “outperform” rating to a “market perform” rating in a research report on Friday, February 7th. Four equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Cloudflare has a consensus rating of “Hold” and an average price target of $130.04.

Cloudflare Stock Up 1.9 %

Shares of NET stock opened at $115.83 on Thursday. The stock has a market cap of $39.97 billion, a P/E ratio of -526.50 and a beta of 1.27. The stock has a fifty day moving average price of $136.45 and a 200 day moving average price of $108.31. Cloudflare has a one year low of $66.24 and a one year high of $177.37. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37.

Cloudflare (NYSE:NET) last issued its quarterly earnings data on Thursday, February 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.21). Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. Analysts predict that Cloudflare will post -0.11 earnings per share for the current year.

Insider Activity

In other Cloudflare news, CFO Thomas J. Seifert sold 15,000 shares of the firm’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $112.72, for a total transaction of $1,690,800.00. Following the completion of the sale, the chief financial officer now owns 252,869 shares of the company’s stock, valued at $28,503,393.68. This trade represents a 5.60 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $113.00, for a total value of $5,919,392.00. Following the sale, the chief executive officer now directly owns 10,762 shares of the company’s stock, valued at $1,216,106. This represents a 82.96 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 571,766 shares of company stock valued at $73,804,307. 12.83% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Quarry LP increased its position in Cloudflare by 38.6% during the 3rd quarter. Quarry LP now owns 478 shares of the company’s stock worth $39,000 after buying an additional 133 shares during the period. Gordian Capital Singapore Pte Ltd bought a new position in Cloudflare during the 4th quarter worth $43,000. Quest Partners LLC bought a new position in Cloudflare during the 3rd quarter worth $54,000. Park Square Financial Group LLC bought a new position in Cloudflare during the 4th quarter worth $56,000. Finally, Larson Financial Group LLC increased its position in shares of Cloudflare by 1,988.5% in the fourth quarter. Larson Financial Group LLC now owns 543 shares of the company’s stock worth $58,000 after purchasing an additional 517 shares during the period. Institutional investors own 82.68% of the company’s stock.

Cloudflare Company Profile

Cloudflare, Inc operates as a cloud services provider that delivers a range of services to businesses worldwide. The company provides an integrated cloud-based security solution to secure a range of combination of platforms, including public cloud, private cloud, on-premise, software-as-a-service applications, and IoT devices; and website and application security products comprising web application firewall, bot management, distributed denial of service, API gateways, SSL/TLS encryption, script management, security center, and rate limiting products.